Legal Question in Bankruptcy in Florida

My husband and I are in the rental business. We own two condos a small duplex, an small tract of land with a mobile home and a two bedroom house beside our own house, The two condos and the track of land have a morgage on them. The morgage on one condo is upside down. Instead of being worth 250,000 it is worth 130,000. Our mortgage is 210,000. How can we protect our assests and walk away from the condo that is upside down? We are trying to retire and we can not support this condo mortgage anymore. Can we form a trust or corporation that would protect our assests?


Asked on 3/03/10, 4:39 am

1 Answer from Attorneys
Leon Ferraez Ferraez, LLC

The answer is complicated for two reasons. First, you may not purposely avoid creditors by 'protecting' your assets. Second, the method structuring assets is not simple and would be difficult to fully answer in the space provided. My advice is to contact an attorney who has been doing this type of work for a while. We could help, but are located in Tampa; however, feel free to give us a call.

Read more
Answered on 3/08/10, 8:00 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Florida